Kleinwort Benson to Acquire BHF-BANK from Deutsche Bank

September 21, 2012

On September 20, 2012, Kleinwort Benson Group, the wholly owned subsidiary of financial services group RHJ International, announced that it had reached an agreement with Deutsche Bank to acquire German private bank BHF-BANK.


On September 20, 2012, Kleinwort Benson Group Limited (“KBG”), the wholly owned subsidiary of financial services group RHJ International, announced that it had reached an agreement with Deutsche Bank to acquire German private bank BHF-BANK.  KBG will acquire 100% of BHF-BANK for €384 million in cash, subject to closing purchase price adjustments.  The associated capital increase in KBG is supported by Fosum Group, AQTON SE, and investment funds managed and/or subadvised by BlackRock Investment Management LLC.  Following the transaction, RHJ International will remain a majority shareholder of KBG with an approximately 60% stake in the company.  The transaction is subject to regulatory approval.

KBG provides wealth management and asset management services and has approximately €9 billion in assets under management.  BHF-BANK is a private bank providing services to middle-market clients through its Private Banking & Asset Management and Financial Markets & Corporate divisions.  BHF-BANK, headquartered in Frankfurt, has 13 locations in Germany and offices in Abu Dhabi, Geneva, Luxembourg and Zurich.

To read the press release, please click here.


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Investment Manager M&A, Transactions